According to the law firm press release, Duke is an energy and utilities company based in Charlotte, North Carolina. Prior to the Merger, Progress was an energy and utilities company headquartered in Raleigh, North Carolina. The Merger ultimately created the largest electric utility in the United States.
The Complaint alleges that the Company failed to disclose and misrepresented certain material adverse facts which were known to defendants or recklessly disregarded by them.
On January 8, 2011 a merger agreement was executed between Duke and Progress (the “Merger Agreement”). The Merger Agreement was attached to the Prospectus Materials. The July 7, 2011 Prospectus Materials omitted facts necessary to make the statements made therein not misleading, and was not prepared in accordance with applicable SEC rules and regulations.
In addition, from May 4, 2012 through June 29, 2012, Duke filed numerous Prospectus Updates on Forms 425 with the SEC that “urge[d] investors and shareholders to read the Registration Statement, including the joint proxy statement/prospectus that is a part of the Registration Statement…because they contain important information.” Defendants therefore caused shareholders to rely upon the same Prospectus Materials that, during this same period, Defendants knew contained misleading statements and omitted material facts.
On July 3, 2012, Duke issued a press release, in contradiction to previous representations. As a result of these disclosures, the price of Duke common stock fell.
On September 10, 2012, the Court issued an Order consolidating cases. An additional Order consolidating cases was issued by the Court on October 16, 2012.
On December 14, 2012, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel. On January 28, 2013, the lead plaintiffs filed their consolidated complaint. On the next day, the lead plaintiffs filed a corrected version of their complaint.
On March 10, 2015, the parties filed a Stipulation of Settlement.